Sahirah received a promissory note valued at RM8,550 for 115 days with an interest rate of 5.5% per annum. The note matured on 28th May 2014. Find: the date of the note the maturity value of the note.

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A: Journal: Recording of a business transactions in a chronological order.

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A: calculation of Discount on original Note = Maturity value x Interest rate x (No.of days/365) =…

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Q: Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of…

A: NOTES PAYABLENotes payable are reported under the liabilities section of the balance sheet. Notes…

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Q: essica Harrison Corporation accepted a $16,000 note on Aug. 12. Terms of the note were 13% for 100…

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A: At maturity, notes are often utilized in a variety of financial transactions, including loans,…

Q: Connie put $7,525 into a term deposit on March 10th. The deposit earns a simple interest rate of 5%.…

A: Deposit amount = $7,525 Period from march 10th to july 4 = 116 days Interest rate = 5%

Q: In connection with this note, how much Jane Co. would pay at March 31, 2019?

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Q: Akbar Associates issued 120-day note for $50,000 to a creditor on a account. The note was discounted…

A: Cash Proceeds from Notes Receivable = Present Value of Notes